if march 2019 salary is received during april 5 2019, is it taxable during the FY 2018-19?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193791 Points)
Replied 13 March 2019
As per mercantile accounting standards its salary income accrued. For its tax-ability better to follow form 26AS.
Arnav Jain
(Proprietor)
(30 Points)
Replied 13 March 2019
Yes.
As you have performed your duties in March, you are eligible for the salary. As you have “Earned” your salary in March, it is considered as your income of March i.e. FY 2018-19.
Your employer would also consider March’s salary as an expense and as it is not paid, it would be shown as “Salary payable” as a liability on his books of accounts for the year ended March 31, 2019.
Form 16 you would receive from your employer would accordingly report as your income for FY 2018–19. Thanks.
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